Luzzatto Scores $62M Financing In West Adams: The Los Angeles Deal Sheet
JLL Capital Markets, working on behalf of The Luzzatto Co., secured approximately $32M in California Property Assessed Clean Energy financing for Depot & Atlas, a 107K SF, Class-A creative office campus in West Adams.
JLL secured the $32M in C-PACE capital through Nuveen Green Capital.
Depot & Atlas is a two-building creative office campus with two stories of underground parking at 3609-3645 10th Ave. The property is 39% leased. The Luzzatto Co. acquired the property off-market in late 2019.
PEOPLE
Rockwood Capital hired Jimmy Yung, formerly of Blackstone, as its global head of originations, Commercial Observer reported. He will be based out of Rockwood’s Los Angeles office and lead on sourcing, structuring and execution of commercial real estate credit investments.
Yung has nearly two decades of experience, at Deutsche Bank, TPG Global and Blackstone.
***
CBRE has hired Jon Azulay as a senior vice president based in its West Los Angeles office. Azulay will focus on occupier leasing services.
Before moving to CBRE, Azulay was at Savills for two decades. He has completed more than $3B and 2.5M SF in transactions.
Azulay specializes in a range of occupier services, including strategic planning, portfolio management, lease negotiation, space planning and dispositions. He has advised clients across the financial and professional services sectors, including Fortune 500 companies, private equity firms and nonprofit organizations.
LEASES
Transportation company Keolis signed a 30K SF industrial lease at 9031 Lurline Ave. in Chatsworth. The rent will be $1.75 per SF on a triple-net basis for the lease’s five-year term, according to Traded. MIG Commercial Real Estate’s Edgar Matevosian and Leo Kechumyan represented Keolis.
FINANCING
Colliers Mortgage worked to close seven Fannie Mae permanent loans totaling $128M to refinance a 625-unit multifamily portfolio with units across the South Bay.
The portfolio, owned by The Ginsburg Group, includes seven stabilized apartment complexes in Hermosa Beach, Redondo Beach, Torrance and Lomita. The financing package features five-year terms with full-term interest-only payments. The Colliers team closed all seven loans in 36 days.
***
Silver Creek Development landed a $71M loan from Centennial Bank and Crestline Investors for 8550 Sunset, a mixed-use development on the site of the famous Viper Room, Commercial Observer reported. The loan refinances nearly $70M in debt provided by the Cottonwood Group in 2022, according to CO. The developer had previously defaulted on $69M in debt on the property.
***
West Harbor, the waterfront San Pedro mixed-use district under construction now, secured a $61.5M financing package from Bayview.
The financing is for the second phase of West Harbor. It includes $10M of PACE financing from Bayview PACE and a $51.5M senior loan provided by Oceanview Life and Annuity Co. Bayview PACE and Oceanview are affiliates of Bayview Asset Management.
West Harbor is a public-private partnership between the Port of LA and a joint venture between Jerico Development and The Ratkovich Co.
